Press release
Surging demand for fuel-efficient vehicles to drive Automotive Plastics Market forecast
Automotive Plastics Market
Of late, most metal parts such as power train, fuel systems, chassis, interior and exterior of vehicles are been replaced with plastic components. Increasing usage of plastic components in modern vehicles could accelerate the growth trajectory of automotive plastics industry.
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In addition to this, favorable initiatives taken by several government authorities to deploy EVs to reduce dependency on exhaustible energy sources may improve automotive plastics market outlook. According to Global Market Insights, Inc., automotive plastics market is anticipated to surpass USD 50 billion by the year 2024.
Automakers worldwide are adopting plastic components as they help control vibration and noise generated in the vehicle. Plastic components offer several benefits like effective molding capability, abrasion resistance, scratch resistance, and component integrity.
Companies in the automotive plastic market meanwhile are standardizing raw material properties to minimize factors that may restrain their business growth. They are investing in research and development activities to reduce sustainability issues related to plastic components.
Notably, BASF, Evonik Industries, Delphi, Adient, SABIC, Borealis AG, Covestro, DSM, Lear Corporation, and Celanese Corp. are currently at the forefront of automotive plastics market. These firms are leveraging several growth strategies like joint ventures and collaborations to roll out cutting edge products.
Based on product, PVC based automotive plastic components are widely used to manufacture door panels, dashboards, armrests, window sealings, underbody coatings, bodyside protections, sealants, and weather strips. Considering surging usage of PVC material in the making of automobile components, the automotive plastics industry is estimated to generate revenue of over USD 1.9 billion by the year 2024.
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On a regional front, Europe automotive plastics market is expected to observe lucrative growth opportunities by 2024. Many European nations have implemented emission control regulations to curb greenhouse gases and enhance fuel efficiency of vehicles.
As carbon emissions are directly related to the weight of a vehicle, European automakers are using polypropylene to achieve enhanced weight reduction in their upcoming models.
Polypropylene components have less density and are 15% to 20% lighter in weight compared to other plastic materials. Given to these aspects, as well surging concerns over the harmful effects of carbon emission on the environment, the Europe automotive plastics market may accrue momentous gain in the coming years. Meanwhile, Germany automotive plastics industry could likely to record 8.5% CAGR by 2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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